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Home Blog Page 4634

Nigeria’s Constitutional amendment: after five failed attempts

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As society develops, it outgrows some of its archaic and mundane laws hence why there is the need for constant amendment and repealing of some constitutional provisions and clauses which are no longer useful or have become outdated and if still allowing it to be a law will do injustice rather than justice.

But it is really a herculean task to amend a written/ rigid constitution which is the constitution that Nigeria adopted. One of the disadvantages of adopting a written/ rigid Constitution is the difficulty or the cumbersome process for its amendment. This can as well be an advantage, depending on the vantage point you are arguing from.

For the fact that Nigeria’s constitution is written and rigid, we have seen a total of four failed attempts to amend the Constitution, and the fifth amendment attempt which is currently ongoing is already showing some indication that it may likely fail as well. It is more like it has been abandoned already.

The constitutional amendment itself is constitutional as it was provided for in the constitution; the Constitution provided for it to be amended, thereby vesting the powers to amend or repeal any clause or proviso of the Constitution on the national assembly in the S. 9 of the 1999 Constitution but the national assembly has so far failed to successfully amend this Constitution (in the proper sense of it) twenty-three years after this current Constitution was adopted in 1999.

Be it as it may, in all the yearnings for the constitutional amendment, it all revolves around the clamor (which has been interpreted to be selfish and politically motivated) for the following; Creation of state police, devolution of powers to the states ie the switch from a federal government to a unitary system of government where the regional government will be more powerful and semi-independent from the federal government, creation of more states (this quest is totally political and economically motivated), restructuring and fiscal federalism, the autonomy of the Local Governments; ie the total independence of the LGAs from the state governments, independent political candidacy, etc,

We have come to know that in every attempt to amend the Constitution, there is always that “one thing”  that will make the process come to a halt or make the process a total failure:

The first attempt at reviewing the 1999 Constitution by the 5th assembly failed woefully as a result of the allegation or the conspiracy that the then president Olusegun Obasanjo attempted to elongate his tenure by making a provision for a third term in office for presidents. The national assembly found this out and rejected the bill in totality. The mistake the national assembly made was rejecting the whole bill on the ground of that one clause; you cannot throw the baby out with the bath water, they should have sieved out the selfish clause that was allegedly squeezed in by the then president and then go about with the rest. 

The amendment attempt by the 7th assembly also experienced a catastrophic failure due to the clash between the presidency and the lawmakers. The lawmakers tried to strip the presidency the power to sign constitutional amendments thereby passing them into law but the presidency totally disagreed with them on this and this is what halted that attempt.

We can only hope and pray that this fifth amendment attempt that was initiated by the 9th assembly becomes successful but should in case this attempt fails, the lawmakers should learn from the mistakes of why the previous five attempts failed and do something new here is what I propose:

Firstly, The amendment process should be handled by experts like lawyers, political scientists, economists, etc other than professional politicians. Secondly, the 1999 constitution is a law made by the military government hence why it is inherently defective; a new constitution should be made afresh and the 1999 constitution totally discarded. 

Finally, anyone who will have a direct benefit or who may have a personal interest in the constitutional amendment should never be allowed to be part of the process because personal interest will always overtake patriotism or collective interest. 

Nigeria’s Chief of Army Staff, Farouk Yahaya, Sentenced to Prison for Contempt of Court

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TEHRAN, IRAN - JULY 19: (RUSSIA OUT) Russian President Vladimir Putin leaves his presidential plane during the welcoming ceremony at the airport, on July 19, 2022 in Tehran Iran. Russian President Putin and his Turkish counterpart Erdogan arrived in Iran for the summit. (Photo by Contributor/Getty Images)

A federal high court sitting in Minna, Niger state, has ordered that the chief of army staff (COAS), Farouk Yahaya, be arrested and imprisoned for contempt of court.

The order, which was based on a suit marked NSHC/225/2019, involving Adamu Makama and 42 others versus the executive governor of Niger state and seven others, was issued due to blatant disregard of court judgment. A warrant of arrest was also issued against Olugbenga Olabanji, commandant of the training and doctrine command, Minna, over the same offence.

The motion for the issuance of the warrants was moved by Mohammed Liman, counsel to the plaintiffs/applicants.  Liman had prayed to the court to send the army chief and commandant to the correctional centre for disobeying an order made on October 12, 2022.

“An order is made committing the Nigerian Army Chief of Staff General Farouk Yahaya, and the Commander Training and Doctrine Command (TRADOC) Minna, i.e. 6th &7th respondents into the custody of the Correctional Centre for contempt of the order of this honourable court made on the 12/10/2022,” Justice Abdulmalik held in his ruling.

The judge added that they shall remain in the custody of the correctional centre until they purge themselves of the contempt.

The case has been adjourned to December 8 for continuation, follows other court orders that have seen heads of major government’s institutions sent to prison for contempt recently.

On Tuesday, the IGP was similarly sentenced to three months imprisonment by a federal high court presided by Justice Mobolaji Olajuwon for contempt of court. His sentence was as a result of a motion filed by one Patrick Okoli, a former inspector in the Nigerian Police Force, who said he was unlawfully and compulsorily retired.

In early November, a federal high court sitting in Abuja, similarly, ordered that the chairman of the Economic and Financial Crimes Commission (EFCC) be committed to prison for contempt.

The order, which was later set aside, bordered on the inability of the anti-graft agency’s head to obey an earlier judgment by the court judgment.

However, the growing trend is said to underscore the depth of total disregard for the rule of law by those in top offices in the country. It is also believed to signify a change from the status quo that has protected top public office holders from being held accountable under the law.

FTX CEO Sam Bankman-Fried Attributes Collapse of Company to Costly Mistakes

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The CEO of FTX Sam Bankman-Fried in a recent interview has attributed the collapse of his company to costly mistakes he made while debunking rumors that he committed fraud.

“We completely failed on risk. That feels pretty embarrassing, in retrospect”, he said.

Bankman-fried disclosed that he was excited about the prospects of FTX which he saw as a thriving business, stating that the recent upheaval at the company got him perplexed.

Also, he was accused of secretly transferring $10 billion client’s money to Alameda research, which led to a liquidity crunch at FTX.

He however refuted such claims, stating that he did not transfer the said amount to the research firm while noting that he did not run the firm.

According to the Ex Billionaire, he stated that the time he knew there was a big problem when the whole saga began, was on November 6, after Alameda’s sizable FTT position was exposed by Coindesk.

He said, “When we looked at that, there was a potential serious problem. Alameda had taken a huge hit by that point. We were seeing a run on the bank start.

“I was nervous [when] the Alameda balance sheet” was exposed by Coindesk, but I expected that the damage was going to be limited to Alameda, not an “existential” crisis for FTX.”

Following the widespread accusations of him using investors’ money to party, he repudiated such claims of wild partying and off-label drug use, saying that FTX functions consisted of only board games or dinner parties.

On November 11, Bankman-Fried resigned as the CEO of FTX after the firm filed for bankruptcy protection while facing a liquidity crunch, which was followed by a deluge of withdrawals from customers.

Rival cryptocurrency platform Binance had originally agreed to rescue FTX from its financial woes  but later back-tracked on the non-binding deal.

Binance disclosed that its reason for back-tracking on its initial statement was as a result of the alleged investigations that FTX was facing amongst other reasons

It said in a statement, “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX”

FTX’s newly appointed CEO, John J. Ray III, in recent filings, disclosed that FTX faced a complete failure of corporate controls. He further stated that he had never seen a company in such poor shape in his 40 years of handling bankruptcies.

The collapse of FTX threw several companies into chaos, as 130 companies affiliated with the company filed for bankruptcy protection.

Crypto exchange platform BlockFi was not left out, as it filed for bankruptcy in the US, as the collapse of FTX continues to reverberate across the industry.

The company had already halted most activity on its platform, citing “significant exposure” to FTX. BlockFi said it was seeking court protection to restructure, settle its debts and recover money for investors.

The firm had earlier this year received a rescue deal from FTX as the values of cryptocurrencies plunged.

FTX collapse has also negatively impacted the crypto industry, as Bitcoin which has a market cap dominance of around 40% plunged to an all-time low, pulling down the entire crypto market with it.

The overall crypto market cap fell from over $1 trillion at the end of October to now close to $800 billion only.

This crash has made the entire ecosystem and its market participants extremely nervous, which has led to the massive withdrawal of assets.

“The Human Capital of Nations” -Ndubuisi Ekekwe To Speak in Bizpotta Conferenc

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TEHRAN, IRAN - JULY 19: (RUSSIA OUT) Russian President Vladimir Putin leaves his presidential plane during the welcoming ceremony at the airport, on July 19, 2022 in Tehran Iran. Russian President Putin and his Turkish counterpart Erdogan arrived in Iran for the summit. (Photo by Contributor/Getty Images)

Mark your calendar. I will keynote the Bizpotta Global Entrepreneurship Conference on Dec 9 2022.  My presentation is titled “The Human Capital of Nations” and  in it, I will make a fundamental point that nations rise when they develop, deepen and accelerate that capital. Then, we will explain how.

Practically, the Adam Smith’s “The Wealth of Nations” is actually “The Human Capital of Nations” because in that tripod of processes, tools and people, the human system remains the most catalytic element in the production process.

Bizpotta is “a company working towards bridging the skill gap in Nigeria and Africa and providing resources to help MSMEs develop and manage their businesses”.  Tekedia Institute recognizes such noble visions, and I will join them to make that case: Africa needs Mines of Knowledge to execute, and bring to pass that lofty aspiration of University of Nigeria Nsukka -“to restore the dignity of man (and woman)”.

Liberate the minds, climb further than any ladder. Chijindu Umunnakwe  and Bizpotta team will share the Zoom link.

TEHRAN, IRAN – JULY 19: (RUSSIA OUT) Russian President Vladimir Putin leaves his presidential plane during the welcoming ceremony at the airport, on July 19, 2022 in Tehran Iran. Russian President Putin and his Turkish counterpart Erdogan arrived in Iran for the summit. (Photo by Contributor/Getty Images)

Come to the Startup Education Temple – This is Tekedia Startup Masterclass

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Tekedia Startup Masterclass: from Start-Up to Unicorn is designed to help founders, entrepreneurs, and those generally working in the startup ecosystems, to master the mechanics of building category-king startups. The program runs for 8 weeks. Besides pre-recorded courses for the 8 weeks, the program includes a live Zoom session with me. This is our fastest growing product. I invite you to become a master on business by attending Tekedia Startup Masterclass. Cost is N180,000 or $400. Register here 

Tekedia Startup Masterclass: from Start-Up to Unicorn is designed to help founders, entrepreneurs, and those generally working in the startup ecosystems, to master the mechanics of building category-king startups. The program runs for 8 weeks. Besides some pre-recorded courses for the 8 weeks, the program includes an hour-long one-on-one live Zoom session every week, per participant, with Tekedia Institute’s Lead Faculty, Prof Ndubuisi Ekekwe.

Participants can enroll and begin anytime. In other words, there is no specific start date as it is customized for the learner via the one-on-one live Zoom sessions. If you pay today, you will begin  immediately.

The goal of the Masterclass is to help the participant master modern business mechanics which are used to scale and blitzscale ideas into unicorns (startups with a minimum of $1 billion in valuation).